Taken for Granted!!!!!!!!
Loans by thousands of no, lakhs of crores taken by the august NPAs are written off generously by the dynamic governor of the RBI. How did the banks get so much money? Of course it is from the wretches the fixed depositors. If those wretches stop depositing, the generosity, no, the economy will come to an end. But there is no need to worry. Can anyone expect the milch cow to refuse to give milk? One can happily milk it and also kick it.
The rate of interest on the fixed deposits can be reduced, without any fear of the wretches. That interest which is less than the rate of inflation can be added to the taxable income, bloating it and thus over taxing the other incomes like salaries, pensions etc.Inflation not only means the reduction in the value of money, it automatically reduces the capital value if the fixed deposit also. In fact thanks to the sky rocketing of the price of land, relationally the capital value of the fixed deposits is becoming nil. The fixed deposits make the banks function and as a result allow the economy to live.
Now the income tax department has given an advertisement, giving opportunity to the tax evaders to disclose their real income and also pay a penalty of 45 per cent of the evaded tax. Very good indeed. But will it not be fair to also calculate the income tax already paid all these years on the fake income, called the interest on fixed deposits and refund it to the fixed depositors? The excess tax paid as a result of including the fake income to the taxable income, is also entitled to an increase of 45 per cent.
The NPAs are walking free without paying lakhs of crores to the banks. But those responsible for the survival of the banks are not getting anything. In fact the gross injustice of including the fake income into the taxable income is to be continued!!!!!!
Let us organize bhajan and Pooja to save the fixed depositors, the meekest among the meekest. I think, according to them, the so called evaded tax includes the tax evaded on the fake income called the interest on fixed deposits also. After all what can the cows do when you happily kick them? So the fixed depositors get no income but have to include the fake income into the taxable income, lose the entire real value of the saving and now face the threat as tax evaders!!!!!!!!!
Actually what is lost exactly by the Fixed Depositors?
1) The so called interest now reduced additionally is a fake income as the rate of interest is lower than the rate of inflation.
2) Inflation means fall in the value of money. The fixed deposits which are tied to an unchanging numerical figure also lose their capital value.
3) The fake income, euphemized as interest is added to the taxable income, bloating the tax bill, thus over taxing the other incomes like salary or pension, rent etc.
4) Many fixed depositors, being not very informed automatically give the forms 15G or 15H, as the banks actually encourage them to give, as the income is really nil etc and as actually the fixed deposit is a sacrifice for the nation. The biggest paradox being forced to pay income tax with no real income but actually loss they have to undergo the hassle of TDS statements etc and the banks too encourage them to give the forms.
5) Apart from the fake income, bloated income tax, total loss of savings, one has to lose sleep.
6) So the attractive alternative is to become an NPA and loot which is tax free. Enter the black money economy, make lot of money but take a loan for cultivating some agricultural land and get annually exemption from repaying the loan. Bleeding the banks is very profitable. Every Neta is ready to help you.
YM
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Posted by: yeddanapudi m <yeddanapudim@yahoo.co.in>
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